Fitch affirms Waterford Wedgwood

Fitch Ratings said it affirmed Waterford Wedgwood plc's long-term issuer default rating at CCC, short-term issuer default rating at C, senior secured debt rating at B-/RR2 and mezzanine notes at CC/RR6.

The outlook for the long-term issuer default rating is negative.

"Waterford has made some progress on the restructuring of its operations as reflected in the reduction in the group's operating losses in fiscal 2007," Pablo Mazzini, director in Fitch's leveraged finance team in London, said in a written statement.

"Unfortunately, a number of factors remain outside of management's control and this has continued to impact the business adversely in the first half of fiscal 2008," Mazzini said, including ongoing weakness in the dollar, cost inflation and delays in passing on increased costs.

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